The market looks to bounce back a bit today from yesterday's generally bad (but could have been worse) day.
Nasdaq Composite Index
continued to hit new heights, the
Dow Jones Industrial Average
lurked below 10,000 for the first time since last October. A late-day surge prevented the Dow from closing below 10K, but the blue-chip index still ended over 130 points lower.
In addition, breadth throughout the market continues to be downright lousy.
, you might say. Well, bad breadth means that there are a lot more losers out there than winners (sounds like dating). It also means that there are a lot of investors who have received a real battering this year.
It's easy to forget that sometimes.
Futures are suggesting a modestly stronger opening to the stock market. At 6:30 a.m. EST, the
March futures contract was up 2.3 to 1357.6. With fair value measured at 1.4, the direction of the market is looking positive. The thinly traded
March contract was up 7.5 to 4285. European bourses were also mostly higher today.
Today, there are a few economic indicators of note. The preliminary GDP for the fourth quarter of 1999 is to be released by the Commerce Department at 8:30 a.m. EST. This is the second look at the quarter's growth and a sampling of economists expect a 6.4% increase.
Also today, the National Association of Realtors will release existing home sales for January. Economists polled by Reuters are calling for sales of 5.04 million. The release is scheduled for 10:00 a.m. EST.
And can anyone believe that
Sammy "The Bull" Gravano
is back in trouble with the law? Dealing drugs? Oh, Sammy. Although, considering that the guy apparently killed more people than old age, dealing drugs might have been the gentlest thing this guy ever did.
There are no major earnings slated for today.
Last Night's After-Hours Trading
Island ECN, owned by Datek Online Holdings, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EST.
MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Morgan Stanley Dean Witter Online, Mellon Bank's (MEL) Dreyfus Brokerage Services and Salomon Smith Barney. It is also available to clients of Mydiscountbroker.com, CyBerCorp and Interactive Brokers. Clients can trade 200 of the most actively traded New York Stock Exchange and Nasdaq Stock Market issues, 4:30 p.m. to 8 p.m. EST Monday through Thursday.
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.